ETCETERA MANAGEMENT: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ETCETERA MANAGEMENT
Largest movements
- Cash +€108,688
up €108,688 (+148%), from €73,481 to €182,169
mainly Net result for the year (+€134,497) and Trade debts (+€39,895)
- Receivables within one year +€34,233
up €34,233 (+96.1%), from €35,613 to €69,847
of which Other amounts receivable: +€19,222
- Current investments +€30,000
up €30,000 (+3.7%), from €821,806 to €851,806
- Tangible fixed assets -€21,306
down €21,306 (-5.8%), from €364,630 to €343,323
of which Land and buildings: -€19,389
- Reserves +€134,497
up €134,497 (+14.4%), from €933,885 to €1.1m
- Trade debts +€39,895
up €39,895 (+1,679%), from €2,376 to €42,271
- Tax, wage and social debts -€19,784
down €19,784 (-68.6%), from €28,846 to €9,063
of which Remuneration and social security: -€14,643
- Debts after one year -€17,703
down €17,703 (-19.6%), from €90,108 to €72,405
- Gross operating margin -€156,218
down €156,218 (-42.6%), from €367,095 to €210,877
- Taxes -€54,770
down €54,770 (-48.7%), from €112,478 to €57,707
- Depreciation -€9,438
down €9,438 (-23.0%), from €41,119 to €31,681
- Financial income -€7,488
down €7,488 (-24.1%), from €31,027 to €23,539
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,295,821 | €1,447,145 | +€151,323 | +11.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €364,630 | €343,323 | -€21,306 | -5.8% |
| Tangible fixed assets | 22/27 | €364,630 | €343,323 | -€21,306 | -5.8% |
| Land and buildings | 22 | €344,640 | €325,252 | -€19,389 | -5.6% |
| Plant, machinery and equipment | 23 | €6,986 | €7,215 | +€229 | +3.3% |
| Furniture and vehicles | 24 | €13,003 | €10,857 | -€2,147 | -16.5% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Current assets | 29/58 | €931,192 | €1,103,822 | +€172,630 | +18.5% |
| Amounts receivable within one year | 40/41 | €35,613 | €69,847 | +€34,233 | +96.1% |
| Trade receivables | 40 | €35,383 | €50,395 | +€15,012 | +42.4% |
| Other amounts receivable | 41 | €230 | €19,452 | +€19,222 | +8,350% |
| Current investments | 50/53 | €821,806 | €851,806 | +€30,000 | +3.7% |
| Cash at bank and in hand | 54/58 | €73,481 | €182,169 | +€108,688 | +148% |
| Deferred charges and accrued income | 490/1 | €292 | - | -€292 | |
| Total equity and liabilities | 10/49 | €1,295,821 | €1,447,145 | +€151,323 | +11.7% |
| Equity | 10/15 | €946,285 | €1,080,782 | +€134,497 | +14.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €933,885 | €1,068,382 | +€134,497 | +14.4% |
| Distributable reserves | 133 | €933,885 | €1,068,382 | +€134,497 | +14.4% |
| Amounts payable | 17/49 | €349,537 | €366,363 | +€16,826 | +4.8% |
| Amounts payable after more than one year | 17 | €90,108 | €72,405 | -€17,703 | -19.6% |
| Financial debts | 170/4 | €90,108 | €72,405 | -€17,703 | -19.6% |
| Amounts payable within one year | 42/48 | €259,429 | €293,958 | +€34,529 | +13.3% |
| Current portion of amounts payable after more than one year | 42 | €17,021 | €17,594 | +€573 | +3.4% |
| Trade debts | 44 | €2,376 | €42,271 | +€39,895 | +1,679% |
| Suppliers | 440/4 | €2,376 | €42,271 | +€39,895 | +1,679% |
| Taxes, remuneration and social security | 45 | €28,846 | €9,063 | -€19,784 | -68.6% |
| Taxes | 450/3 | €14,204 | €9,063 | -€5,141 | -36.2% |
| Remuneration and social security | 454/9 | €14,643 | - | -€14,643 | |
| Other amounts payable | 47/48 | €211,185 | €225,031 | +€13,845 | +6.6% |
| Non-recurring operating income | 76A | €15,000 | - | -€15,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,119 | €31,681 | -€9,438 | -23.0% |
| Other operating charges | 640/8 | €4,867 | €1,694 | -€3,174 | -65.2% |
| Gross operating margin | 9900 | €367,095 | €210,877 | -€156,218 | -42.6% |
| Operating profit (loss) | 9901 | €321,109 | €177,502 | -€143,606 | -44.7% |
| Financial income | 75/76B | €31,027 | €23,539 | -€7,488 | -24.1% |
| Recurring financial income | 75 | €31,027 | €23,539 | -€7,488 | -24.1% |
| Financial charges | 65/66B | €11,702 | €8,836 | -€2,866 | -24.5% |
| Recurring financial charges | 65 | €11,702 | €8,836 | -€2,866 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | €340,433 | €192,205 | -€148,228 | -43.5% |
| Income taxes | 67/77 | €112,478 | €57,707 | -€54,770 | -48.7% |
| Profit (loss) for the period | 9904 | €227,956 | €134,497 | -€93,458 | -41.0% |
| Profit (loss) for the period to be appropriated | 9905 | €227,956 | €134,497 | -€93,458 | -41.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.